Use the Percentage Method of Withholding to Find the Federal

question 39

Multiple Choice

Use the percentage method of withholding to find the federal withholding tax, a 6.2% FICA rate to find the FICA tax, and
1.45% to find the Medicare tax. Then find the net pay for the employee. Assume that the employee has not earned over
$115,000 so far this year.
-Carla LaFong has gross earnings of $3576.57 weekly. She is married and has 2 withholding allowances.

• A)$2,621.05
• B)$3,302.96
• C)$2,894.66
• D)$3,984.87

Understand and calculate FICA tax liabilities for both Social Security and Medicare.

Identify and differentiate between various tax forms relevant to federal employment taxation.

Calculate net pay after all applicable withholdings.

Recognize the roles of different types of banks in the context of federal deposits.

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